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Australia/US: Price-fixing past has US Senate skeptical of grain buyout

By  |  June 20, 2013
Australia/US: Price-fixing past has US Senate skeptical of grain buyout

Executives for agribusiness giant Archer Daniels Midland faced the US Senate on Thursday over its proposed buyout of Australia’s largest grain company. The deal faced intense scrutiny from senators, who questioned ADM about its history of price-fixing stemming from an incident in 1995. While the head of ADM admitted that the company had made mistakes in the past, the company assured that “changes” had been made since the violations, stating that ADM is looking to act “not only…in a compliant way, but in an ethical way.” The company is looking to buy Australia’s largest grain conglomerate and transport infrastructure company GrainCorp. But the Senate further tested ADM, noting that the company has faced suspicions of more anticompetitive business practices, noting an incident in 2008.

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